The Labor Department’s Monthly Employment Report confirmed the US economy is no longer crawling but galloping forward; it created 192,000 new jobs in March. Unemployment remained at 6.7% and did not increase, despite one-third of a million workers re-entering the labor force.
The unemployment rate finally declined beneath the 7% threshold and reached 6.7% in December, according to the Labor Department’s Monthly Employment Report. However, the number of new jobs created was less than a third of the 241,000 jobs created in November. Only 74,000 new jobs were generated in the economy during December. Nevertheless, all other economic indicators are still very positive and broadly spread across the economy. This suggests the December employment report should be viewed as an aberration rather than a trend.
ADP jobs report indicates 215,000 new jobs were created in November. This is good news for the economy but perhaps not so good news for the stock market. This is because it suggests the Fed may end its bond buying program, which keeps interest rates low in order to accelerate investment and spending.
Fifty years after the historic March on Washington (MOW), its designation as a “March for Jobs and Freedom” haunts us as a reminder of an unfinished agenda in the ongoing battle for justice and equality for African Americans. In this first of a 2 part article, the author focuses on the unfinished economic agenda.